India's path to energy independence: Harnessing solar power and electric mobility, says Mr. Prashant Ruia
- IBEF
- February 18, 2025
India is poised to achieve energy self-sufficiency for the first time in its history, driven by solar power and electric mobility, according to the CEO of Essar Group, Mr. Prashant Ruia. He highlighted that for the past 50 years, India has heavily relied on imported oil and gas, with 85% of its energy needs met through imports. However, due to the country’s abundant wind and solar resources and advancements in technology, India now has the opportunity to generate energy domestically at a very low cost. This shift in energy generation is seen as a significant step towards energy independence.
He emphasized that India’s energy transition is supported by inherent cost advantages, unlike Europe, which faces higher energy costs due to limited access to cheap energy sources. He pointed out that solutions like hydrogen, nuclear power, and offshore wind in Europe are more expensive and require subsidies to meet net-zero targets. In contrast, India benefits from low-cost energy that does not need significant subsidies. Essar Group invests in new businesses aligned with India’s energy transition goals, positioning the country to capitalize on its energy independence in the coming years.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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